How do I factory reset the WRE2206 to its default settings?

Press and hold the WPS button on the front panel for more than 10 seconds to reset the WRE2206 to its factory defaults. The WPS LED will begin flashing immediately; release the button and the device will reload factory defaults and reboot. After the reset, the username reverts to 'admin', the password to '1234', and the IP address to '192.168.1.2'. You can also perform this reset via Maintenance > Tools > Configuration in the Web Configurator. (Page 13, 51, 56)

From the official Zyxel Zyxel Wre2206 Wireless N300 Range Extender User Guide manual, page 13

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